Istanbul has outranked London and Edinburgh as one of the top European cities for investment and development prospects, according to a report from PwC and the Urban Land Institute.
In fact, Turkey’s largest city climbed six places from last year’s listings, the report showed.
Despite the recent political uncertainty, these findings suggest that Istanbul’s young demographic, coupled with the influx of new-build property, will continue to drive investment.
According to Cushman & Wakefield research, by Q2 2015 there were 1.9 million sqm of space under construction in Istanbul, and this increasing demand for property looks set to continue.
Adil Yaman, Director of Universal 21, the largest management company based in the city, said: “Istanbul has made great advances in recent years, especially in relation to its real estate market and its ability to attract overseas investors. Property in Istanbul is still in high demand.
“We would expect 2016 to be another successful year for Istanbul’s housing market and PwC and the Urban Land Institute’s latest findings only confirm its place amongst key European cities with the best investment and development prospects.”
Turkey’s Prime Minister, Ahmet Davutoğlu, recently expressed his own confidence in the country’s future. Writing for The Wall Street Journal, he suggested that “Turkey’s economy has become synonymous with stability and success”, and one that will continue to appeal to both domestic and international investors.
He added: “The success of the past decade hasn’t weakened our resolve to go even further”.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
